The crypto collectible landscape is a brave new world that has brought in non-fungible tokens in the field. These NFTs are unique digital assets that are typically bought or minted and traded on secondary markets. One new entrant in this world is NFT PFP, but what are these?
A PFP or profile picture is a kind of non-fungible token that has been gaining popularity for some time now. These are tiny works of art that you might have come across on X as profile pictures. Moreover, these are really popular among influencers and celebrities at the moment.
The very first one in the lot was CryptoPunks, which arrived in the crypto space a while ago in 2017. It’s been more than six years since then, but these have gained popularity only recently. But why so?
Let’s find out!
But First, A Little About The Metaverse:
This is typically where things are set to become a little more fiction-y and less logical, especially if you are hearing about the metaverse for the first time.
The word ‘meta’ means beyond, and when it is combined with ‘universe,’ it refers to ‘beyond the universe.’ In practice, metaverse is basically a cross-over term that refers to any location where augmented reality and the internet at large collide with virtual words.
Once the metaverse begins to gain some traction, you will not have to use the internet exclusively from your smartphone or computer. Instead, you will find yourself immersed in it – a whole day will feel like you are in a video game.
For instance, while you are shopping for groceries, you will be able to check out your kitchen. It does sound very futuristic, doesn’t it? But then the future is here, with metaverse becoming increasingly popular.
Non-fungible tokens are the seeds that can help the metaverse to grow. Also, what looks like a relatively normal JPEG file might just become the brand image of the next big unicorn startup in such a virtual world.
What Are NFT PFPs?
PFP or profile picture is a pretty common term, and so are NFTs or non-fungible tokens. So, what are NFT PFPs?
NFT PFPs typically comprise a random collection of characteristics with different rarity levels. Sunglasses, hats, colors, and some other random esoteric features are examples. Also, there are only 9 Alien CryptoPunks out there, and people actually bought these for millions of dollars each.
Moreover, one of the best things about PFP NFTs is how the unique qualities of each PFP can increase its value. Additionally, a majority of these are generative artworks. Typically, computers use generative algorithms to produce these, although hand-drawn PFP collections are also becoming popular.
How Do NFT PFPs Work?
You can create NFT PFPs through any website featuring NFT collections, or you can buy these on secondary markets such as Magic Eden and OpenSea. Once you buy these, the non-fungible token will show up on the profile page of the user on the NFT market. Moreover, it will also show in the supported crypto wallet such as Phantom or MetaMask.
In addition, the Ethereum NFT PFP owners can show their non-fungible tokens on Instagram or any other social networking site. They can also link their cryptocurrency wallets to their accounts on Twitter Blue to verify their profile picture with non-fungible tokens in the shape of a hexagon.
So, Why Are NFT PFPs Very Popular?
So, why is NFT PFP so popular?
The Ethereum blockchain has 10K unique avatars – the creators generated as well as distributed these for free. Since some of the features were relatively rare as compared to the others, people initially considered these avatars as collectibles.
Moreover, the crusaders of blockchain started using these on social networking sites. Of course, this sent the signal that NFT PFP have boarded the crypto wagon.
Currently, buying a CryptoPunk is pretty difficult. The expenses can range between six figures to millions. It all depends on how rare the item is, even if you are able to locate one! In fact, our research says that Visa shelled 150,000 dollars for a single one!
However, you shouldn’t worry that you didn’t get CryptoPunks. There are other upcoming and existing projects that have copied the approach of CryptoPunk.
Why Should You Join The NFT PFP Wagon?
Now you know why NFT PFP is so popular, but should you join this wagon? We say you must! Here’s why!
Going back to our discussion on Metaverse, most things we need in the physical reality are necessary for the virtual reality as well.
For instance, if you have a CryptoPunk avatar, then you know you can flex around in a fun way in the metaverse. After all, a CryptoPunk avatar is the digital equivalent of owning a luxury car. It’s almost like announcing your presence to the masses.
Obviously, not everyone can afford a luxury car, and then there are people who don’t want one. Keeping that in mind, you should understand that non-fungible tokens will allow you to authentically express yourself while being a part of a value-sharing community.
Perhaps the best example of illustrating how community support adds value to your NFTs is BAYC (Bored Ape Yacht Club). The BAYC project used the approach of CryptoPunks and minted 10K different avatars. Then, these avatars became memberships to their exclusive club.
After that, the BAYC collaborated with Decentraland. So, what is Decentraland? It’s a 3D-virtual world that runs on the Ethereum blockchain for creating a casino hangout. So, this was groundbreaking, considering these communities weren’t isolated on Zoom and Discord anymore. Instead, they were able to meet in the metaverse.
Since then, Yuga Labs, BAYC’s creator, has been working on its very own independent metaverse. This metaverse, Otherside, is now live.
Additionally, BAYC also gave their members the alternative to claim an NFT dog, Bored Ape Kennel Club. This happens to be very similar to the usual membership dividend since the dog’s value rose in tandem with that of BAYC.
Wrapping Up: Collect That NFT PFP Today!
The crypto landscape runs mostly on speculation, but it is crucial to understand that NFT PFPs are hard to sell.
Since these are analogous to physical works of art, you cannot quickly sell them if you need some cash. So, it’s always best to go for something that works for you instead of something to just flip.
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